China PMI surprises as factory activity contracts in January; December industrial profits jump

China’s factory activity unexpectedly contracted in January, with the official purchasing managers’ index falling to 49.1, below expectations. The slow season ahead of the Lunar New Year contributed to this decline, as migrant workers returned home. However, industrial profits jumped 11% in December, showing signs of recovery after months of decline, while the full-year industrial profits for 2024 fell 3.3% from the previous year.

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